Idorsia Ltd (CH:IDIA)
:IDIA
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Idorsia Ltd
(IDIA)
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Rating:49Neutral
Price Target:
CHF3.50
▼(-5.66% Downside)
Action:ReiteratedDate:04/30/26
The score is held down primarily by stressed financial statements (large ongoing losses, negative free cash flow, and a highly pressured balance sheet with negative equity and substantial debt). The latest earnings call improves the outlook with stronger QUVIVIQ guidance and disciplined OpEx, but execution and regulatory/partner risks remain. Technicals are neutral-to-slightly positive, while valuation is constrained by negative earnings and no stated dividend yield.
Positive Factors
Very high gross margins
Consistently ~90% gross margins indicate strong product-level economics and pricing power for daridorexant and other small molecules. This durable structural margin advantage supports operating leverage: if sales scale and OpEx remains controlled, margins can convert to sustained profitability over time.
Negative Factors
Negative equity and high leverage
Negative equity of roughly CHF -1.18B and debt materially exceeding assets create a structurally stressed balance sheet. This leverage profile reduces financing flexibility, raises refinancing and covenant risk, and increases the likelihood of dilutive or restrictive funding solutions that could impair long-term strategic options.
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Positive Factors
Negative Factors
Very high gross margins
Consistently ~90% gross margins indicate strong product-level economics and pricing power for daridorexant and other small molecules. This durable structural margin advantage supports operating leverage: if sales scale and OpEx remains controlled, margins can convert to sustained profitability over time.
Read all positive factors
Idorsia Ltd (IDIA) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF931.81M
Dividend YieldN/A
Average Volume (3M)2.48M
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth96.08%
EPS Growth69.28%
CountryCH
Employees636
SectorGeneral
Sector StrengthN/A
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.14
Shares Outstanding253,983,460
10 Day Avg. Volume2,649,008
30 Day Avg. Volume2,478,790
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)-0.80
Price to Sales (P/S)4.14
P/FCF Ratio-5.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF4.75Price Target Upside28.03% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.54
Revenue Forecast (FY)CHF224.62M
Idorsia Ltd Business Overview & Revenue Model
Company Description
Idorsia Ltd, a biopharmaceutical company, discovers, develops, and commercializes drugs for unmet medical needs in Switzerland. The company has a clinical development pipeline that cover various therapeutic areas, including CNS, cardiovascular, an...
How the Company Makes Money
Idorsia makes money primarily through (1) net product sales of its approved medicine QUVIVIQ (daridorexant), where revenue is recognized from selling the product into distribution channels (e.g., wholesalers/distributors) in markets where it is co...
Idorsia Ltd Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call communicated a clear operational turnaround: materially stronger commercial traction (QUVIVIQ sales > doubled, EUCAN strength), significant cost savings, improved operating losses and strengthened liquidity. These positives are balanced by remaining profitability gaps, U.S. access/regulatory uncertainty for QUVIVIQ (descheduling pending), an unfinished TRYVIO commercialization partnership process, and multi‑year timelines for key pipeline readouts (e.g., lucerastat). On balance, the company presented meaningful progress and a credible path to further de‑risking and growth, while acknowledging key near‑term risks tied to partnerships, U.S. regulatory outcomes and cash runway beyond the next inflection points.Positive Updates
QUVIVIQ Sales More Than Doubled
QUVIVIQ product sales increased from ~CHF 60–61 million in 2024 to CHF 134 million in 2025 (≈+123%), driving net revenue to CHF 214 million and exceeding the upgraded 2025 guidance (guided CHF 130 million). Company guides QUVIVIQ sales of ~CHF 200 million for 2026 (≈+49% vs 2025).
Negative Updates
Still Operating at a Loss
Despite substantial improvement, company remains unprofitable: non‑GAAP operating loss of CHF -100 million and U.S. GAAP net loss of CHF -112 million in 2025. Financial expenses were CHF 72 million, including a CHF 61 million noncash expense tied to convertible bond restructuring.
Read all updates
Q4-2025 Updates
Positive
Negative
QUVIVIQ Sales More Than Doubled
QUVIVIQ product sales increased from ~CHF 60–61 million in 2024 to CHF 134 million in 2025 (≈+123%), driving net revenue to CHF 214 million and exceeding the upgraded 2025 guidance (guided CHF 130 million). Company guides QUVIVIQ sales of ~CHF 200 million for 2026 (≈+49% vs 2025).
Read all positive updates
Company Guidance
Idorsia guided QUVIVIQ sales of around CHF 200 million for 2026 (up from CHF 134M in 2025, which exceeded the prior guidance of CHF 130M) and said 2026 OpEx (including COGS) will be flat versus 2025, a combination it expects to produce the company’s first positive commercial contribution and drive overall losses lower toward profitability and cash‑flow breakeven. For 2025 the company reported net revenue of CHF 214M (including CHF 134M QUVIVIQ product sales), non‑GAAP contract revenue CHF 72M, a non‑GAAP operating loss improved to CHF ‑100M (from CHF ‑308M in 2024), U.S. GAAP EBIT loss CHF ‑33M and U.S. GAAP net loss CHF ‑112M; cost rationalization saved >CHF 80M and a Viatris negotiation (USD 100M reduction in cost‑sharing) produced a CHF 90M gain. Liquidity at year‑end was CHF 89M with access to a further CHF 80M (total CHF 169M) after drawing CHF 70M of a CHF 150M facility and raising CHF 68M net from equity, and management said it will limit guidance to the one‑year horizon given multiple upcoming inflection points (descheduling, partnerships and pipeline readouts).Idorsia Ltd Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
12
Very Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 219.12M | 221.00M | 112.51M | 152.39M | 97.10M | 35.35M |
| Gross Profit | 192.56M | 199.67M | -67.08M | 145.24M | 90.84M | 17.32M |
| EBITDA | -143.64M | -45.49M | -319.49M | -254.55M | -783.09M | -588.84M |
| Net Income | -220.75M | -112.00M | -263.76M | -297.92M | -827.90M | -634.60M |
Balance Sheet | ||||||
| Total Assets | 480.46M | 465.88M | 505.89M | 500.00M | 904.18M | 1.48B |
| Cash, Cash Equivalents and Short-Term Investments | 94.70M | 87.24M | 124.36M | 157.82M | 476.32M | 1.04B |
| Total Debt | 1.32B | 1.27B | 1.26B | 1.20B | 1.23B | 1.16B |
| Total Liabilities | 1.66B | 1.60B | 1.72B | 1.47B | 1.57B | 1.38B |
| Stockholders Equity | -1.18B | -1.14B | -1.21B | -968.72M | -660.96M | 104.20M |
Cash Flow | ||||||
| Free Cash Flow | -140.32M | -167.05M | -373.23M | -638.69M | -886.17M | -620.83M |
| Operating Cash Flow | -125.95M | -153.23M | -370.23M | -629.30M | -859.11M | -589.89M |
| Investing Cash Flow | -4.32M | 4.16M | 305.06M | 632.61M | 743.90M | -53.26M |
| Financing Cash Flow | 174.98M | 132.14M | 26.11M | -197.00K | 162.31M | 604.15M |
Idorsia Ltd Technical Analysis
Positive
3.71
Price Trends
3.60
Positive
3.65
Positive
3.43
Positive
Market Momentum
0.04
Negative
57.39
Neutral
69.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:IDIA, the sentiment is Positive. The current price of 3.71 is above the 20-day moving average (MA) of 3.39, above the 50-day MA of 3.60, and above the 200-day MA of 3.43, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 57.39 is Neutral, neither overbought nor oversold. The STOCH value of 69.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:IDIA.
Idorsia Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | CHF662.82M | 16.63 | ― | ― | 11.43% | -48.80% | |
56 Neutral | CHF796.05M | 498.59 | -7.82% | ― | 59.85% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | CHF241.36M | -3.33 | -301.13% | ― | 97.32% | -11.07% | |
50 Neutral | CHF297.52M | -9.69 | ― | ― | -63.05% | -187.61% | |
49 Neutral | CHF931.81M | -4.80 | ― | ― | 96.08% | 69.28% | |
45 Neutral | CHF129.60M | -2.50 | -51.05% | ― | -100.00% | -3.56% |
* General Sector Average
CH:IDIA
Idorsia Ltd
3.68
2.26
158.71%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.